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Wills

What happens if you don't make a will?

Everything you leave when you die, less anything you owe, is called your 'estate'. A will sets out what is to happen to your estate. It is a legal document which, although it can be changed after your death, will normally be followed as written.

Dying without a will (called dying intestate) can cause unnecessary hardship for your survivors:

  • Delays would be incurred in trying to find out whether or not you did in fact leave a will, and in tracing your possessions.
  • Delays would occur in the necessary formalities required before your estate can be distributed.
  • Your next of kin will usually be appointed to sort out your estate, and he or she might not be the best person to do the job.
  • The law dictates who will inherit your estate and in what proportions.

The rules do not recognise unmarried partners (although a partner may be able to make a claim on your estate):

  • The law may require legally binding trusts to be set up. These may be unnecessarily restrictive and expensive, especially where only small sums are involved.
  • There may be inheritance tax on the estate which could have been avoided.

Another very important reason for making a will is so that you can decide who you want to look after your children if you have a young family.

If you do not make a will, your possessions will not necessarily be passed on in the way you would choose. This is a particular risk if you live with an unmarried partner.

(Inheritance Provision for Family and Dependants) Act 1975.

THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE INHERITANCE TAX PLANNING AND WILL WRITING.

Please contact:

Mike Cox or Hannah Folkes
Woodfines Solicitors, 16 St Cuthberts Street, Bedford, MK40 3JG

Tel:  01234 270600 - Email: mail@woodfines.co.uk



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Company address:
Twigden Asset Management Ltd, King William House, 46 Harpur Street, Bedford, Bedfordshire, MK40 2QT
T: 01234 270074
F: 01234 327331

Email: debbie@twigdenasset.co.uk

Registration address as company address
Registration number: 4691087
Registered in: England & Wales

Twigden Asset Management Ltd is authorised and regulated by the Financial Conduct Authority.

Twigden Asset Management Ltd entered on the Financial Services Register (www.fca.org.uk/register) under reference 223678.

The information contained in this web site is subject to UK regulatory regime and is therefore restricted to consumers based in the UK.

Please note that the information contained within this web site does not represent individual financial advice. If you require advice or further information this may be obtained by contacting Twigden Asset Management Ltd.

FCA does not regulate some forms of IHT planning.

Your home may be repossessed if you do not keep up repayments on your mortgage, think carefully about securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

The value of investments can fall as well as rise. Past performance is not a guide to future performance.

Telephone: 01234 270074 | debbie@twigdenasset.co.uk

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